> I think it has been the business model from the beginning. The delivery business might have been their plan and ambition from day one, but their business mod

> I think it has been the business model from the beginning. The delivery business might have been their plan and ambition from day one, but their business model right now is taxi supply/demand matching. > Having a multinational, on the ground door-to-door delivery service really is a moat. What? I said that they don't have a large moat now, I wasn't talking about a hypothetical future. > But the only way the money that have raised makes any sense to me is if they do have some kind of defensible advantage, and I could see it working for them in the logistics market. No, they raised that money to build this advantage, they don't have it yet. Their investors gave them money in the hopes of getting in on the next Google. They might succeed, but it's anything but certain.